Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of geographic positioning expert Trimble Navigation (Nasdaq: TRMB) got a clear signal today, jumping as much as 21.3% overnight on heavy trading.

So what: Trimble's second-quarter report looked terrific with 22% year-over-year revenue growth and dramatically higher earnings, at the same time as archrival Garmin (Nasdaq: GRMN) flunked its own report. Analyst firm Canaccord Genuity followed up by upgrading the stock to a buy, completing a trifecta of good news.

Now what: This Garmin-Trimble dynamic is the exact opposite of the action three months ago, when Garmin beat expectations and Trimble fell short. In this age of universal GPS and navigation systems on every tablet and smartphone, you'd expect this industry to suffer. Then again, both companies -- and Trimble, in particular -- rake in plenty of cash from end markets where an iPhone or Android phone just won't do, like heavy construction projects and aerospace navigation. Underdog TeleNav (Nasdaq: TNAV) is not so lucky thanks to its heavy consumer focus, and it suffered dearly in last week's turn on the earnings stage. This report was a setback for two of our newsletters that are shorting the stock based on a theory of runaway valuation.

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